November 6, 2012 / 10:38 AM / 5 years ago

Property stocks gain on festival booking hopes

Buildings under construction are seen along the Mumbai skyline November 23, 2008.Arko Datta/Files

Reuters Market Eye - Property firms such as HDIL gain on hopes for a pickup in demand tied to the Diwali festival season in mid-November, a time considered auspicious in the country.

"Real estate stock valuations are cheap, huge difference between stock valuations and project valuations, festive demand is tepid but prices are not falling," said Hiten Gala, a senior manager advisory at Brokerage Sharekhan, listing reasons for the rally.

HDIL surges 6 percent, DLF (DLF.NS) gains 1.9 percent while Indiabulls Real Estate is up 3.6 percent.

Reporting by Rafael Nam

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